| BALANCE SHEETS |
|
| ASSETS |
|
| Current Assets: |
|
| Cash and cash equivalents |
555 |
| Accounts receivable |
160 |
| Prepaid expenses |
131 |
| Real estate tax escrow: self-controlled |
949 |
| Total Current Assets |
1,794 |
| Reserve Fund: (Note 4) |
2,177 |
| Total Current Assets and Reserve Fund |
3,971 |
| Property and Improvements: (Notes 2 and 3) |
|
| Land |
2,828 |
| Building |
30,063 |
| Building improvements |
10,340 |
| Total |
43,230 |
| Less: Accumulated depreciation |
28,158 |
| Net Property and Improvements |
15,073 |
| Other Assets and Deferred Charges: |
|
| Security deposits (contra) |
129 |
| Deferred mortgage closing costs (Note 5) |
77 |
| Total Other Assets and Deferred Charges |
206 |
| Total Assets |
19,249 |
| LIABILITIES |
|
| Current Liabilities: |
|
| Accrued mortgage interest |
47 |
| Accounts payable |
185 |
| Due to stockholders - real estate tax abatements |
456 |
| Advance maintenance |
45 |
| Wages and payroll taxes payable |
47 |
| Accrued real estate tax |
21 |
| Total Current Liabilities |
800 |
| Long-Term and Other Liabilities: |
|
| Mortgage payable (Note 5) |
11,063 |
| Security deposits payable (contra) |
129 |
| Total Long-Term and Other Liabilities |
11,192 |
| Total Liabilities |
11,992 |
| STOCKHOLDERS' EQUITY |
|
| Common stock - $1.00 par value, 100,000 shares authorized, 99,010 shares issued and outstanding |
476 |
| Paid-in capital in excess of par value |
28,207 |
| Additional paid-in capital |
1,804 |
| Accumulated deficit |
(23,230) |
| Total Stockholders' Equity |
7,257 |
| Total Liabilities and Stockholders' Equity |
19,249 |